Arbor Realty Trust Reports Third Quarter 2017 Results and Increases Quarterly Dividend to $0.19 per Share

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Company Highlights:

  • GAAP net income of $0.26 and AFFO of $0.25 per diluted common share1
  • Declares a cash dividend on common stock of $0.19 per share, a 19% increase in our dividend from a year ago and 6% higher than last quarter

Agency Business

  • Segment income of $17.1 million
  • Loan originations of $1.0 billion
  • Servicing portfolio of $15.6 billion at September 30, 2017, up 4% from 2Q17 and 15% year to date

Structured Business

  • Segment income of $6.0 million
  • Closed an eighth collateralized securitization vehicle totaling $365.0 million with improved terms and a 68 basis point decrease in rate from our last securitization
  • Strong portfolio growth of 11% on loan originations of $473.2 million

UNIONDALE, N.Y., Nov. 03, 2017 (GLOBE NEWSWIRE) -- Arbor Realty Trust, Inc. ABR, today announced financial results for the third quarter ended September 30, 2017.  Arbor reported net income for the quarter of $16.4 million, or $0.26 per diluted common share, compared to $10.9 million, or $0.21 per diluted common share for the quarter ended September 30, 2016.  Adjusted funds from operations ("AFFO") for the quarter was $21.0 million, or $0.25 per diluted common share, compared to $15.0 million, or $0.21 per diluted common share for the quarter ended September 30, 2016.1

Agency Business

Loan Origination Platform

Agency Loan Volume  ($ in 000's)
  Quarter Ended
  September 30,
 2017
 June 30,
 2017
Fannie Mae $650,374 $669,897
Freddie Mac  328,075  317,490
FHA  18,273  32,878
Total Originations $996,722 $1,020,265
     
Total Loan Sales $1,052,073 $1,204,353
     
Total Loan Commitments $928,181 $1,101,243
     

For the quarter ended September 30, 2017, the Agency Business generated revenues of $49.7 million, compared to $45.7 million for the second quarter of 2017.  Gain on sales, including fee-based services, net was $17.1 million for the quarter, reflecting a margin of 1.63% on loan sales, compared to $18.8 million and 1.56% for the second quarter of 2017. Income from mortgage servicing rights was $18.9 million for the quarter, reflecting a rate of 2.04% as a percentage of loan commitments, compared to $17.3 million and 1.57% for the second quarter of 2017. 

At September 30, 2017, loans held-for-sale was $333.3 million which was primarily comprised of unpaid principal balances totaling $328.5 million, with financing associated with these loans totaling $328.0 million.

Fee-Based Servicing Portfolio

The fee-based servicing portfolio totaled $15.60 billion at September 30, 2017, an increase of 4% from June 30, 2017, primarily as a result of $1.00 billion of new loan originations during the quarter. Servicing revenue, net was $8.5 million for the quarter, and consists of servicing revenue of $20.2 million net of amortization of mortgage servicing rights totaling $11.7 million.

  Fee-Based Servicing Portfolio ($ in 000s)
  As of September 30, 2017 As of June 30, 2017
  UPBWtd. Avg.
Fee
Wtd. Avg.
Life (in years)
 UPBWtd. Avg.
Fee
Wtd. Avg.
Life (in years)
Fannie Mae $12,331,1350.54%7.2 $12,034,5730.54%7.1
Freddie Mac  2,732,5370.29%10.9  2,458,5300.26%10.9
FHA  537,5540.17%20.0  525,9440.17%20.0
Total $15,601,2260.48%8.3 $15,019,0470.48%8.1
         

Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan ("loss-sharing obligations"). At September 30, 2017, the Company's allowance for loss-sharing obligations was $30.2 million which consists of general loss sharing guaranty obligations of $29.5 million, representing 0.24% of the Fannie Mae servicing portfolio, and $0.7 million of loss-sharing obligations on specifically identified loans with losses determined to be probable and estimable.

Financing Activity

The Company closed on a $100.0 million credit facility to finance agency mortgage loans. The facility has an interest rate of 1.35% over LIBOR and matures in one year. 

In addition, the Company replaced a $30.0 million letter of credit facility with a $50.0 million letter of credit facility with another institution. The new facility has a three-year term and a fixed interest rate of 2.875%, representing a 12.5 basis point rate decrease from the prior facility.

Structured Business

Portfolio and Investment Activity

Third quarter of 2017:

  • 23 new loan originations totaling $473.2 million, of which 20 were bridge loans for $378.2 million
  • Payoffs and pay downs on 22 loans totaling $270.0 million
  • Portfolio growth of 11% from 2Q17

At September 30, 2017, the loan and investment portfolio's unpaid principal balance, excluding loan loss reserves, was $2.10 billion, with a weighted average current interest pay rate of 6.04%, compared to $1.90 billion and 6.05% at June 30, 2017.  Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average current interest pay rate was 6.84% at September 30, 2017, compared to 6.71% at June 30, 2017.

The average balance of the Company's loan and investment portfolio during the third quarter of 2017, excluding loan loss reserves, was $2.00 billion with a weighted average yield on these assets of 7.34%, compared to $1.80 billion and 6.60% for the second quarter of 2017.  The increase in average yield was primarily due to an increase in income from the acceleration of fees and prepayment fees on early loan payoffs in the third quarter as compared to the second quarter, as well as an increase in one-month LIBOR.

At September 30, 2017, the Company's total loan loss reserves were $83.3 million on six loans with an aggregate carrying value before loan loss reserves of $184.5 million. The Company also had five non-performing loans with a carrying value of $32.6 million, net of related loan loss reserves of $27.9 million.

The Company recorded $1.0 million of income from equity affiliates primarily consisting of $2.2 million of income from distributions received partially offset by a $1.2 million loss from its joint venture investment in a residential mortgage banking business.

Financing Activity

The Company completed its eighth collateralized securitization vehicle ("CLO VIII") totaling $365.0 million of real estate related assets and cash. Investment grade-rated notes totaling $282.9 million were issued, and the Company retained subordinate interests in the issuing vehicle of $82.1 million. The facility has a three-year asset replenishment period and an initial weighted average interest rate of 1.31% over one-month LIBOR, excluding fees and transaction costs, a 68 basis point decrease from the Company's last collateralized securitization vehicle.

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The Company completed the unwind of CLO IV, redeeming $219.0 million of outstanding notes which were repaid with proceeds received from the refinancing of CLO IV's outstanding assets within the Company's existing financing facilities including CLO VIII. As a result of this transaction, the Company recognized an expense of $1.1 million from the acceleration of deferred fees.

The balance of debt that finances the Company's loan and investment portfolio at September 30, 2017 was $1.67 billion with a weighted average interest rate including fees of 4.48%, as compared to $1.49 billion and a rate of 4.69% at June 30, 2017. The average balance of debt that finances the Company's loan and investment portfolio for the third quarter of 2017 was $1.62 billion, as compared to $1.46 billion for the second quarter of 2017. The average cost of borrowings for the third quarter was 4.89%, compared to 4.60% for the second quarter of 2017. The increase in average cost was primarily due to the acceleration of fees related to the unwind of CLO IV.

The Company is subject to various financial covenants and restrictions under the terms of its collateralized securitization vehicles and financing facilities. The Company believes it was in compliance with all financial covenants and restrictions as of September 30, 2017 and as of the most recent collateralized securitization vehicle determination dates in October 2017.

Dividends

The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.19 per share of common stock for the quarter ended September 30, 2017, representing an increase of 19% from a year ago and 6% over the prior quarter dividend of $0.18 per share. The dividend is payable on November 30, 2017 to common stockholders of record on November 15, 2017. The ex-dividend date is November 14, 2017.

The Company also announced today that its Board of Directors has declared cash dividends on the Company's Series A, Series B and Series C cumulative redeemable preferred stock reflecting accrued dividends from September 1, 2017 through November 30, 2017. The dividends are payable on November 30, 2017 to preferred stockholders of record on November 15, 2017. The Company will pay total dividends of $0.515625, $0.484375 and $0.53125 per share on the Series A, Series B and Series C preferred stock, respectively.

Earnings Conference Call

The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast of the conference call will be available at www.arbor.com in the investor relations area of the website. Those without web access should access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (866) 516-5034 for domestic callers and (678) 509-7613 for international callers. Please use participant passcode 96242464.

After the live webcast, the call will remain available on the Company's website through November 30, 2017.  In addition, a telephonic replay of the call will be available until November 10, 2017. The replay dial-in numbers are (855) 859-2056 for domestic callers and (404) 537-3406 for international callers. Please use passcode 96242464.

About Arbor Realty Trust, Inc.

Arbor Realty Trust, Inc. ABR is a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Program Plus® Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, bridge, mezzanine and preferred equity lender, consistently building on its reputation for service, quality and flexibility. With a fee-based servicing portfolio of over $15 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor's with an Above Average rating. Arbor is also on the Standard & Poor's Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.

Safe Harbor Statement

Certain items in this press release may constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from Arbor's expectations include, but are not limited to, continued ability to source new investments, changes in interest rates and/or credit spreads, changes in the real estate markets, and other risks detailed in Arbor's Annual Report on Form 10-K for the year ended December 31, 2016 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor's expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

1. Non-GAAP Financial Measures

During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on page 12 of this release.

   
 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES   
        
CONSOLIDATED STATEMENTS OF INCOME - (Unaudited)  
            
   Quarter Ended Nine Months Ended  
   September 30, September 30,  
    2017   2016   2017   2016   
            
Interest income $42,139,576  $29,636,227  $110,132,866  $83,424,190   
Other interest income, net  -   -   -   2,539,274   
Interest expense  23,849,417   16,966,228   63,697,641   42,958,329   
 Net interest income  18,290,159   12,669,999   46,435,225   43,005,135   
            
Other revenue:          
Gain on sales, including fee-based services,  net  17,126,106   9,693,822   55,127,004   9,693,822   
Mortgage servicing rights  18,897,239   15,968,067   56,181,638   15,968,067   
Servicing revenue, net  8,520,111   5,885,884   19,922,901   5,885,884   
Property operating income  2,668,055   2,960,940   8,754,518   12,719,027   
Other income, net  777,656   359,546   (929,893)  663,977   
 Total other revenue  47,989,167   34,868,259   139,056,168   44,930,777   
            
Other expenses:          
Employee compensation and benefits  25,194,433   14,216,679   66,860,581   22,856,433   
Selling and administrative  7,606,936   5,903,031   23,135,750   10,277,844   
Acquisition costs  -   6,406,258   -   10,261,902   
Property operating expenses  2,582,745   2,819,004   7,842,571   10,991,823   
Depreciation and amortization  1,829,016   1,808,765   5,541,991   3,129,410   
Impairment loss on real estate owned  -   -   2,700,000   11,200,000   
Provision for loss sharing (net of recoveries)  (2,617,064)  1,316,862   (405,494)  1,316,862   
Provision for loan losses (net of recoveries)  2,000,000   (54,000)  (455,653)  (24,995)  
Management fee - related party  -   3,325,000   6,673,260   8,875,000   
 Total other expenses  36,596,066   35,741,599   111,893,006   78,884,279   
            
Income before gain on extinguishment of debt, gain on          
 sale of real estate, income from equity affiliates          
 and provision for income taxes  29,683,260   11,796,659   73,598,387   9,051,633   
Gain on extinguishment of debt  -   -   7,116,243   -   
Gain on sale of real estate  -   -   -   11,630,687   
Income from equity affiliates  995,312   4,929,375   1,755,145   11,193,918   
Provision for income taxes  (6,708,000)  (300,000)  (16,244,000)  (300,000)  
            
Net income  23,970,572   16,426,034   66,225,775   31,576,238   
            
Preferred stock dividends  1,888,430   1,888,430   5,665,290   5,665,290   
Net income attributable to noncontrolling interest  5,661,184   3,649,432   16,596,415   3,649,432   
Net income attributable to common stockholders $16,420,958  $10,888,172  $43,964,070  $22,261,516   
            
Basic earnings per common share $0.27  $0.21  $0.78  $0.43   
Diluted earnings per common share $0.26  $0.21  $0.77  $0.43   
            
            
Weighted average shares outstanding:          
 Basic  61,582,796   51,390,467   56,602,504   51,272,795   
 Diluted  83,918,117   70,271,796   78,942,919   51,627,550   
            
Dividends declared per common share $0.18  $0.16  $0.53  $0.46   
            

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES  
         
CONSOLIDATED BALANCE SHEETS 
         
     September 30, December 31, 
      2017   2016  
     (Unaudited)   
Assets:      
Cash and cash equivalents $84,751,397  $138,645,430  
Restricted cash  137,138,389   29,314,929  
Loans and investments, net  1,997,555,985   1,695,732,351  
Loans held-for-sale, net  333,267,976   673,367,304  
Capitalized mortgage servicing rights, net  247,875,659   227,742,986  
Available-for-sale securities, at fair value  4,707,085   5,403,463  
Securities held to maturity  18,851,089   -  
Investments in equity affiliates  31,330,740   33,948,853  
Real estate owned, net  17,354,720   19,491,805  
Due from related party  12,613,313   1,464,732  
Goodwill and other intangible assets  123,166,816   97,489,884  
Other assets  49,564,693   48,184,509  
Total assets $3,058,177,862  $2,970,786,246  
         
Liabilities and Equity:     
Credit facilities and repurchase agreements  562,326,537   906,636,790  
Collateralized loan obligations  1,066,230,488   728,441,109  
Senior unsecured notes  95,088,379   94,521,566  
Convertible senior notes, net  95,381,121   80,660,038  
Junior subordinated notes to subsidiary trust issuing preferred securities  139,418,416   157,858,555  
Related party financing  50,000,000   50,000,000  
Due to related party  -   6,038,707  
Due to borrowers  69,357,152   81,019,386  
Allowance for loss-sharing obligations  30,158,464   32,407,554  
Other liabilities  104,474,096   86,164,613  
Total liabilities  2,212,434,653   2,223,748,318  
         
Equity:      
 Arbor Realty Trust, Inc. stockholders' equity:     
  Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares     
   authorized; special voting preferred shares; 21,230,769 shares issued and     
   outstanding, no shares issued and outstanding, respectively; 8.25% Series A,   
   $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and     
   outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference;    
   1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000     
   aggregate liquidation preference; 900,000 shares issued and outstanding  89,508,213   89,508,213  
  Common stock, $0.01 par value: 500,000,000 shares authorized; 61,702,628     
   and 51,401,295 shares issued and outstanding, respectively  617,026   514,013  
  Additional paid-in capital  702,240,622   621,931,995  
  Accumulated deficit  (112,069,714)  (125,134,403) 
  Accumulated other comprehensive income  205,761   320,917  
Total Arbor Realty Trust, Inc. stockholders' equity  680,501,908   587,140,735  
         
Noncontrolling interest  165,241,301   159,897,193  
Total equity  845,743,209   747,037,928  
         
Total liabilities and equity $3,058,177,862  $2,970,786,246  
         

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES  
         
STATEMENT OF INCOME SEGMENT INFORMATION- (Unaudited) 
           
           
   Quarter Ended September 30, 2017 
   Structured Agency Other /   
   Business Business Eliminations (1) Consolidated 
           
Interest income $37,258,633 $4,880,943  $-  $42,139,576  
Interest expense  19,912,991  2,974,603   961,823   23,849,417  
 Net interest income  17,345,642  1,906,340   (961,823)  18,290,159  
           
Other revenue:         
Gain on sales, including fee-based services,  net  -  17,126,106   -   17,126,106  
Mortgage servicing rights  -  18,897,239   -   18,897,239  
Servicing revenue  -  20,231,489   -   20,231,489  
Amortization of OMSR  -  (11,711,378)  -   (11,711,378) 
Property operating income  2,668,055  -   -   2,668,055  
Other income, net  540,241  237,415   -   777,656  
 Total other revenue  3,208,296  44,780,871   -   47,989,167  
           
Other expenses:         
Employee compensation and benefits  5,670,249  19,524,184   -   25,194,433  
Selling and administrative  3,014,038  4,592,898   -   7,606,936  
Property operating expenses  2,582,745  -   -   2,582,745  
Depreciation and amortization  428,562  1,400,454   -   1,829,016  
Provision for loss sharing (net of recoveries)  -  (2,617,064)  -   (2,617,064) 
Provision for loan losses (net of recoveries)  2,000,000  -   -   2,000,000  
 Total other expenses  13,695,594  22,900,472   -   36,596,066  
           
Income before income from equity affiliates and provision         
 for income taxes  6,858,344  23,786,739   (961,823)  29,683,260  
Income from equity affiliates  995,312  -   -   995,312  
Provision for income taxes  -  (6,708,000)  -   (6,708,000) 
           
Net income $7,853,656 $17,078,739  $(961,823) $23,970,572  
           
Preferred stock dividends  1,888,430  -   -   1,888,430  
Net income attributable to noncontrolling interest  -  -   5,661,184   5,661,184  
Net income attributable to common stockholders $5,965,226 $17,078,739  $(6,623,007) $16,420,958  
           
(1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the acquisition of the Agency Business in 2016 as well as income allocated to the noncontrolling interest holder. 
    
           

 

 ARBOR REALTY TRUST, INC. AND SUBSIDIARIES 
          
BALANCE SHEET SEGMENT INFORMATION - (Unaudited)
            
     September 30, 2017
     Structured
Business
 Agency
Business
 Other /
Eliminations (1)
 Consolidated
Assets:         
Cash and cash equivalents $28,874,347 $55,877,050 $- $84,751,397
Restricted cash  137,126,053  12,336  -  137,138,389
Loans and investments, net  1,997,555,985  -  -  1,997,555,985
Loans held-for-sale, net  -  333,267,976  -  333,267,976
Capitalized mortgage servicing rights, net  -  247,875,659  -  247,875,659
Securities held to maturity  -  18,851,089  -  18,851,089
Investments in equity affiliates  31,330,740  -  -  31,330,740
Goodwill and other intangible assets  12,500,000  110,666,816  -  123,166,816
Other assets  71,864,641  12,375,170  -  84,239,811
Total assets $2,279,251,766 $778,926,096 $- $3,058,177,862
            
Liabilities:        
Debt obligations  1,630,457,754  327,987,187  50,000,000  2,008,444,941
Allowance for loss-sharing obligations  -  30,158,464  -  30,158,464
Other liabilities  122,924,302  49,852,331  1,054,615  173,831,248
Total liabilities $1,753,382,056 $407,997,982 $51,054,615 $2,212,434,653
            
(1) Includes debt and accrued interest costs associated with the acquisition of the Agency Business in 2016, not allocated to the two reportable segments.
         
            


ARBOR REALTY TRUST, INC. AND SUBSIDIARIES 
         
Supplemental Schedule of Non-GAAP Financial Measures - 
Funds from Operations ("FFO") and Adjusted Funds from Operations ("AFFO") 
(Unaudited) 
         
 Quarter Ended  Nine Months Ended  
 September 30, September 30,  
  2017   2016   2017   2016  
                 
                 
Net income attributable to common stockholders$16,420,958  $10,888,172  $43,964,070  $22,261,516  
                 
Adjustments:                
Gain on sale of real estate -   -   -   (11,630,687)  
Net income attributable to noncontrolling interest 5,661,184   3,649,432   16,596,415   3,649,432  
Impairment loss on real estate owned -   -   2,700,000   11,200,000  
Depreciation - real estate owned 172,657   443,684   591,755   1,764,329  
Depreciation - investments in equity affiliates 101,447   93,588   304,341   280,764  
                 
Funds from operations  (1)$22,356,246  $15,074,876  $64,156,581  $27,525,354  
                 
Adjustments:                
Income from mortgage servicing rights (18,897,239)   (15,968,067)   (56,181,638)   (15,968,067)  
Impairment loss on real estate owned -   -   (2,700,000)   (11,200,000)  
Deferred tax (benefit) provision (922,000)   -   15,000   -  
Amortization and write-offs of MSRs 15,927,329   7,586,524   46,140,491   7,586,524  
Depreciation and amortization 1,882,543   1,365,081   5,623,203   1,365,081  
Net (gain) loss on changes in fair value of derivatives (237,415)   (248,510)   2,311,740   (248,510)  
Gain on sale of real estate -   -   -   11,630,687  
Stock-based compensation 847,128   777,080   3,833,361   2,940,174  
Acquisition costs -   6,406,258   -   10,261,902  
                 
Adjusted funds from operations  (1)$20,956,592  $14,993,242  $63,198,738  $33,893,145  
                 
Diluted FFO per share  (1)$0.27  $0.21  $0.81  $0.48  
                 
Diluted AFFO per share  (1)$0.25  $0.21  $0.80  $0.59  
                 
Diluted weighted average shares outstanding  (1) 83,918,117   70,271,796   78,942,919   57,748,830  
                 
(1) Amounts are attributable to common stockholders and OP Unit holder. The OP Units are redeemable for cash, or at the Company's option for shares of the Company's common stock on a one-for-one basis.  
  
         
The Company is presenting FFO and AFFO because management believes they are important supplemental measures of the Company's operating performance in that they are frequently used by analysts, investors and other parties in the evaluation of REITs.  The National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) attributable to common stockholders (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated real properties, plus impairments of depreciated real properties and real estate related depreciation and amortization, and after adjustments for unconsolidated ventures. 
  
The Company defines AFFO as funds from operations adjusted for accounting items such as non-cash stock-based compensation expense, income from mortgage servicing rights ("MSRs"), changes in fair value of certain derivatives that temporarily flow through earnings, amortization and write-offs of MSRs, deferred tax (benefit) provision and the amortization of the convertible senior notes conversion option. The Company also adds back one-time charges such as acquisition costs and impairment losses on real estate and gains (losses) on sales of real estate. The Company is generally not in the business of operating real estate property and has obtained real estate by foreclosure or through partial or full settlement of mortgage debt related to the Company's loans to maximize the value of the collateral and minimize the Company's exposure.  Therefore, the Company deems such impairment and gains (losses) on real estate as an extension of the asset management of its loans, thus a recovery of principal or additional loss on the Company's initial investment. 
  
FFO and AFFO are not intended to be an indication of the Company's cash flow from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company's cash needs, including its ability to make cash distributions.  The Company's calculation of FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited. 

 

Contacts:
Arbor Realty Trust, Inc.
Paul Elenio, Chief Financial Officer 
516-506-4422
pelenio@arbor.com

Media:
Bonnie Habyan, EVP of Marketing
516-506-4615
bhabyan@arbor.com

Investors:
The Ruth Group
Lee Roth
646-536-7012
lroth@theruthgroup.com
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Posted In: EarningsPress Releases
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